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What should I do if I'm upside down on a car loan from U.S. Bank?
I have a car loan and I owe more on it than my car is even worth at this point. What should I do? Can you get out of a car loan with negative equity?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you’re
upside down on a car loan
from U.S. Bank, don’t stress too much! Up to 45% of car buyers are upside down on their loan at any given time, proving this is a rather widespread problem.You will need to use a bit of discipline and some financial smarts to rectify the situation. The absolute best way to do this is to pay down your negative equity as soon as possible.
Here’s how you can make it happen:
- Double up your payments each month
- Make a significant lump sum payment each year
- Round up on your loan payments (e.g., if your car note is $274 a month, pay $300 instead)
Alternatively, you could sell the car to cut your liability and then pay the remaining balance back—but of course, you wouldn’t have a vehicle anymore.
Before you give up your ride, look for ways to save money on other car expenses. For example, the
Jerry
app is a great way to reduce your car insurance bill. Jerry can provide you with competitive quotes in under a minute.Swapping is just as effortless. Jerry takes care of all the paperwork and phone calls and can even assist you in canceling your old policy. The average Jerry user saves $879 a year on car insurance—freeing up a nice chunk of change you could put toward your car loan!
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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